[The Wrap] Divorce for AMP Wealth Management and AMP Capital
Talking to people around the market it's clear not many people saw AMP Wealth Management's switch to passive coming – least of all its sister company AMP Capital which currently manages Wealth's funds.
The funds total close to $10 billion with $6.2 billion in KiwiSaver and more than $3 billion in AMP’s workplace savings product the New Zealand Retirement Trust (NZRT).
The relationship between Wealth and Capital has been pretty rocky for a number of years. But now it's a full-on divorce.
One question which makes little sense is how does a company like AMP actually own a funds management business which specialises in active management then see one of its other companies, in this case AMP Wealth, go off and embrace passive management?
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